Regulation 47 No set-off where insolvency procedure appliedF1I1

an insolvency procedure has been applied to the person entitled to the credit;

the credit became due after that procedure was so applied;

the liability to pay the debit either arose before that procedure was so applied or (having risen afterwards) relates to, or to matters occurring in the course of—

at times before the procedure was so applied.

when a bankruptcy order, winding-up order, F2... or award of sequestration is made in relation to that person F3or that person enters administration;

when that person is put into administrative receivership;

when that person, being a corporation, passes a resolution for voluntary winding-up;

when any voluntary arrangement approved in accordance with Part I or Part VIII of the Insolvency Act 1986^f1, or Part II or Chapter II of Part VIII of the Insolvency (Northern Ireland) Order 1989^f2, comes into force in relation to that person;

when a deed of arrangement registered in accordance with F4... Chapter I of Part VIII of that Order of 1989 takes effect in relation to that person;

when that person’s estate becomes vested in any other person as that person’s trustee under a trust deed.

the making of a bankruptcy order, winding-up order, F5... or award of sequestration F6or that person entering administration at a time when any such arrangements or deed as is mentioned in paragraph (2)(d) to (f) above is in force in relation to that person;

the making of a winding-up order at any of the following times—

the making of an administration order in relation to that person at any time when that person is in administrative receivership.